As a follow up to previous successful real estate auctions, the New Orleans Redevelopment Authority (NORA) is conducting its next ONLINE ONLY auction sale of 100± structures and vacant lots located throughout New Orleans. Properties are subject to a minimum bid price of $3,500 per property. Bidding for this online auction event will commence at 8:00 a.m. CT Monday, April 3, 2017 and conclude between 12:00 noon and 5:00 p.m. on Tuesday, April 4, 2017. The Auctioneer is Northbrook, IL based Hilco Real Estate, LLC, in conjunction with broker Paul A. Lynn, CCIM, Louisiana Licensed Real Estate Broker and Steven Mathis, Louisiana Licensed Auctioneer.
"As with our previous auctions, we are continuing to receive hundreds of inquiries. We are excited to make available this next pool of properties through this online auction event," stated Brenda M. Breaux, NORA's Executive Director. "During the previous auction events, savvy home buyers and investors were able to establish their own purchase price through the competitive bidding process. Buyers felt they were able to obtain properties in various neighborhoods throughout New Orleans at fair prices," stated Fernando Palacios, Managing Director with Hilco Real Estate.
The properties are being sold on an "AS-IS, WHERE-IS" basis. Winning bidders are required to complete rehabilitation or construction of the property as a residence within 365 days from the date of closing and maintain the property in accordance with the City of New Orleans Code of Ordinances. The requirement to maintain the property begins immediately after closing. Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction. There are 12 structures that will be open for inspection on Saturday, March 18, 2017 prior to the auction. When inspecting the properties, prospective buyers should bring a flashlight and dress appropriately, anticipating a property that will not have any power and could be in need of rehabilitation. Please visit www.hilcorealestate.com/NORA for specific times to view the structures.
Closing is required within 30 calendar days after the auction, unless otherwise noted by NORA and financing will not be a contingency, so buyers will need to know they can close on their purchase within the required timeframe and have available pre-approval for their own personal financing. Buyers must obtain and maintain Flood Insurance for any structures, as a condition of closing. There will be a Buyers’ Seminar on Thursday, March 16, 2017 at 7:00 p.m. at the Dryades YMCA, 2220 Oretha Castle Haley Blvd. Registration begins at 6:30 p.m.